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Lloyds to cut 1,585 jobs

Lloyds to cut 1,585 jobs

Lloyds Banking Group yesterday (3 February) confirmed it will cut approximately 1,585 jobs, as part of its total role reductions announced already a year and a half ago.

In October 2014, Lloyds Banking Group confirmed it would cut 9,000 jobs and close 150 branches over the next three years, as it reported a 5 per cent drop in its profits before tax for the first nine months of this year.

At that time, the group confirmed that alongside investment to simplify processes and increase automation, it anticipated a reduction of a 9,000 full time roles across the business while building new capability in digital and IT.

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The reductions announced yesterday will be across retail, group operations, commercial banking, consumer finance, group legal and group finance.

Lloyds added that the net total is inclusive of approximately 170 new roles that will be created across retail, commercial banking and group legal.

The group’s statement read: “Lloyds Banking Group is committed to working through these changes with employees in a careful and sensitive way.

“All affected employees have been briefed by their line manager today. Accord and Unite were consulted prior to this announcement and will continue to be consulted.

“The group’s policy is always to use natural turnover and to redeploy people wherever possible to retain their expertise and knowledge within the group.

“Where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort.”

ruth.gillbe@ft.com